"This latest surge in the CPI is a further kick in teeth for older people who often live on fixed incomes and who rely on their savings for additional income. If the Bank of England needed further evidence of the need to increase interest rates sooner rather than later, it surely now has it. The retired population spends more of its income on food and transportation costs, which has been a big contributor to the inflation increase and their spending power is being severely squeezed.”

-ENDS-

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